1. Most brokers don’t have access to every major medical malpractice insurer, and they might not have access to the company best suited for you.
If your broker doesnâ€™t have access to the best company for youâ€”whether it is a direct writer or a company from which they have been unable to obtain a contractâ€”they wonâ€™t tell you about it. They also may be a captive agent that represents only one company. Or they may only have access (a contract) with three of the eight med-mal insurance insurers in your state, and there’s a good chance that one of the other insurers may be less expensive as well as offer better coverage. Employing a broker with access to every malpractice insurer in your state is one of the most critical ways a physician can save money.
2. At the time of your insurance renewal, your medical malpractice insurance agent might not shop your coverage around for the most competitive quotes.
Often brokers will present you with other insurance base rates (without discounts or credits) as a comparison with your current insurer’s renewal premium rather than make a full submission to the other insurers for competitive quotes. Itâ€™s easier for them to just renew with your current insurer, and they often have an incentive to steer you that way for a higher commission rate. After all, if your premium goes down, so does their commission.
3. Some brokers will recommend questionable insurers.
Many agents represent insurance companies that are unrated and/or have questionable
financial stability. If these are the only companies they represent, they will recommend them. If that company becomes insolvent, you could be on the hook for defending or paying a malpractice claim made against you.
4. Most agencies donâ€™t specialize in medical malpractice insurance.
For most brokers, medical malpractice insurance is not the singular focus of their agency. Most agencies specialize in personal insurance, commercial insurance and/or life and health insurance as well as dabble in medical malpractice insurance for their healthcare clients. This means that they donâ€™t have the expertise that comes with specializing in malpractice insurance products for healthcare providers.
5. Your agent might broker medical malpractice insurance, but not offer products and services that can reduce your risk and reduce your premium.
If your broker doesnâ€™t offer any other products or risk management services to assist you in protecting your practice, once they sell you the insurance, they have nothing else to offer and you may not hear from them again.
6. Your broker might not be a broker at all.
After filling out an online form for a website that you thought was a medical malpractice insurance broker, that company can sell your personal information (phone number and email address) to others who want to market their services to the healthcare community. Many of todayâ€™s internet sites that offer quotes for malpractice insurance actually specialize in generating leads for other companies looking to solicit your business. They are not agencies that provide malpractice insurance; they are in the business of selling your contact information.
7. After signing an agent appointment form, you might not hear from your broker again.
For most agencies, once the sale is made, your account is handed over to a customer service representative (CSR) to handle all future service. This CSR may not have the expertise required to properly handle your inquiries or provide you with professional advice.
We hope this insider info helps you in getting the best possible price on your medical malpractice insurance. If you choose to not get a medical malpractice insurance quote through us, you can still use the above information to get the best price with the best terms.